The ICE U.S. Dollar index
DXY, -0.22%
a measure of the dollar’s strength against a basket of six rival currencies, declined 0.2% to 98.8210.

The dollar benefited from the BOJ’s decision to cut a key interest rate into negative territory. But its gains were short-lived, as investors have reverted to risk-off mode in recent days as oil prices have resumed their decline.

“The bounce we got on the improvement in sentiment after the BOJ has proved to be largely temporary,” said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce.

“Broad risk appetite continues to be on the defensive and we’re seeing the usual suspects doing well,” he added.

Haven buying boosted the yen, historically viewed as a safe investment during times of market turmoil, and the euro, which benefits when oil prices fall because of the eurozone’s large trade surplus and low interest rates.

In other currency trading, the Australian dollar
AUDJPY, -0.31%
fell to 70.51 cents Tuesday, compared with 71.06 cents Monday, after Australia’s central bank again left interest rates at a record low of 2% in February.

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